????:1?????????:??????

2???????????

3??????200??????

4?????????

5???????

????????? ??:?

“???????????,??,??,?????”13??,????

2017?????????,??????????????(002352.SZ)????????????????????,?????????????330???????????????????????,??????????:???????(09699.HK)?????(02191.HK)???(00636.HK)?

??,???????????,?????????6??28?,??,?2024?????????6?28?????

??????????????????,?“A+H”?????,??????????,??A????????????????20%,???????????????,??“??????????”?

??????????,???????????????300???????????????????????????,????????,???2018~2023????,????347???1182????????????????,?????????????48%?53%?

????????,???????????A??????2021???????????2??121???????????,?35.69??????????????,?????????????????,???????????????,?,???????

?

????,?????????????????????????????????,?????????????????,??????,????????,?????ESG(??????????????????)??????,

????????????,???????,??????????????,???6.255???

????1823?????(?6?????????????3?????)???????48.95???,????6.25???????,????206???

?????????8?????????,????????????????????????????,??????????????????,??????????????,?????

??2?,???????,?????????,??

“???????,?????????????”??????2023????????????????8??????????????????17??????,?,???????,??????????????,??

?????????????????????????8??????????6????????,?????“????????????????????????”?

????,????????????2023?8?????,?47??/??????,?35.69????????????????/????,???????????????20%?A???????2021??5000?1719??????????

?????????,??????????????,?,??

????Wind?,???????2????,????,???????????15%?2024?????????3??,??6????????????????????????,???????????IPO??????????????????Choice???,????????????????????6????30???,?25?,??????106.49?????

??,?????????6??,???????????????????,10????????????2023?5????,???????8?,???????“??????????”?????????

??

??????????????????,???????

??,2017??,????????????????????,??330?????

2017?????????????????8??,?35.69???????????????2.27???????,??????????????80????????????;2021??,??57.18????3.50?,?200???????;2019????1?????????,?,??58?????

??????,?????????????7??,???????338??

????????????????????????????,??????????????????,2019???????2021?0.0????????????????????

??,??3???????«??????????????????????????????2023??????»??,????2023???????,??29.65??,?200.72?,?????????0.0????????

???,?????????????????????????????????2017?80??????????;2019??????58?????,?????????????????????2021??????,?????????,??????200????????????????,??????????????????

?,????????????????????????????????,?????????????88.5?????56.2???30.05?????????

?????,?????????????,“???????????”????????????????????,2018??????????????????,?DHL??,?????55?,??????DHL????DHL??????100%????????????????;2021????,?146?????,??????

??????????????,??????????????????,2018???????????2023??,?347?????1182????????,????????????48%????53%?2024????????????????,?????????????2249.40????????,?????????????????1229.15??????????????,??54.64%,????????????

??????????????,????,???????????,???????339????????????,?418??????????

??

?,????3??????????????????,?????????????,??????

??“??????”?????????????????,??????????2017??3?60??/???,?,?,????????????2021?????????2?????????121.07????????????????

???????,?????????,???????,???“???????????????????”????????,??2????????????????????????????,????????

?????????????????????2021?????????????????????11????,???57.18????????/??3.5???????????????????Choice????,??????????????22??,????6???????????????,???????????????????????,???????????????????????????

?,?????????2021???~2023??,??21.7%?16.03%???????????29.75%??6??????????????28???????,?????35.69???????????

???????????????????“??????????????????”?2022????5????????,????40??????????????,?????????????????2022????????12??????,?????????,???

??????????????????????(???“??????”)????????????,????,?????????????????5876.18?,????33.6???

?,?????????5844.32????,???????????????,??????13??

?????????????????????,2017??????3????60?,?35.69?,???????

???????????

??,??????????????????

?????????,?????????????,?????2023??,?????,?????????

???????????????????,?????????,2013????,???????61.6%???2022??????,???????????????2.1%?

???????????,??,??????????,2021?2023?????,????????????2072?????????2675???2584??,??????34.55%?29.11%?-3.39%,???

??????????,???2021???????2023?????????,??????????12.37%?12.49%?12.82%,?????????????1.89%?2.62%?3.06%??????????2017???,?????20.07%?????6.68%?

??,2019?,???????????,?,???????????????

????????????,???????????????????????2015????,???????«?????????»??:“????,??,?????,?????”

?,??????,????????????????????????????????????????????????,????,????????

???,2018????,?????????(?????????????????????????)???????????81.1%,2023???????????????????54.5%?2018????????????????,??2.8%,2023?????????????23.2%?

?????????,???????????????“??????????????????????”?

??????????,????????????????,?????????????????????????????????????,?????2022????????????????????1.6%?2023??????6%,2023??????????2.3????,?????369%,???????3.27?,??299.7%???2024???,???3?31?????????2024?????,??????,?????500????????2024??,????????990.2??28%,?????????

?????????????????????,??????4??30??,??????,??????,??????????????2024??????111.70???101.25??;?2024?96.9??????93.2??

???????????,???????????,????“????”? ??:?????????